Interest in becoming a buy-to-let landlord has fallen across almost every major UK city over the past year, with new research from estate agency emoov finding that searches dropped in all but one location studied.
Cambridge was the sole exception, recording a 23.5% rise in buy-to-let landlord searches year-on-year, from an average of 2,380 monthly searches in the June 2024 to May 2025 period to 2,940 in the following 12 months. Every other city in the analysis saw demand fall.
Plymouth came closest to holding steady, with searches slipping just 2.9% to 8,470. Poole and Southampton also remained relatively resilient, declining 5.3% and 5.7% respectively. Derby fell 7.2%, Lichfield 7.4% and Sunderland 7.6%, while Chichester, Exeter and Norwich all recorded drops of between 8.7% and 10%.
The picture was considerably bleaker elsewhere. Birmingham saw buy-to-let landlord searches fall by 33.3%, from 22,400 to 14,940, and London dropped 41.7%, with monthly searches declining from 99,930 to 58,220. Blackpool fell 33.2%, Wakefield 30.3% and Nottingham 28.2%. Carlisle recorded the steepest decline of all, with searches collapsing 59.1% from 3,910 to 1,600.
Nick from emoov offered context on what is driving the retreat. "For many years, private landlords were encouraged to see buy-to-let as a sensible long-term investment. It offered rental income, potential capital growth, and a form of pension planning for ordinary people who were prepared to take on the responsibility of providing housing.
"I am not considering selling because I believe tenants should have fewer rights, or because I think landlords should be free from regulation. Good tenants deserve safe, secure, well-managed homes. Bad landlords should be dealt with. But the current direction of travel has made small-scale private letting increasingly difficult to justify, especially for landlords who own one or two properties and manage them alongside other work or retirement plans."
The demographic profile of the sector adds further weight to the trend. According to the English Private Landlord Survey, the typical landlord in England is around 59 years old, with nearly two-thirds aged 55 or over. For many, that means weighing up whether hands-on property management still fits their retirement plans and longer-term financial goals.
What to consider before selling
For buy-to-let landlords weighing up an exit, emoov sets out seven areas to work through before making a decision.
The starting point is understanding the true cost of selling. Factors including capital gains tax, legal fees, estate agent costs and mortgage early repayment charges can mean the final figure looks very different from the headline sale price.
Rental yield is worth reviewing carefully. A property may still be generating a healthy return despite increased regulation or higher costs, and comparing annual rental income against ongoing expenses can clarify whether selling is genuinely the right move.
Market timing matters too. Property markets move in cycles, and landlords should consider whether they are responding to short-term pressures or whether the investment no longer aligns with long-term goals. For those fatigued by day-to-day management rather than the investment itself, a letting agent or property management service could reduce the workload without requiring a sale.
Local demand conditions are also relevant. Strong tenant demand and low vacancy rates can help offset some of the challenges facing landlords, and understanding the local market before making a final decision is advisable. Where rising mortgage costs are a factor, speaking to a broker about remortgaging or refinancing options first may be worthwhile.
Finally, landlords who originally bought rental properties as part of their retirement planning should consider how selling fits into their wider financial picture and whether alternative investments would deliver comparable returns.
"The buy-to-let market isn't disappearing, but it is changing," Nick concluded.
"Landlords are having to be more strategic than ever before, whether they're expanding their portfolio, holding onto existing properties or considering a sale. The most important thing is to make decisions based on the long-term picture rather than reacting to short-term challenges."
